Industry News

UMS Integration Limited, listed on the SGX Mainboard, has announced a 7% increase in revenue to S$57.7m for the first quarter of the financial year 2025, alongside a net attributable profit of S$9.8m. This growth was primarily fuelled by robust performances in its Semiconductor and Aerospace divisions, which saw increases of 6% and 22% respectively. However, the company’s Others segment experienced a 12% decline due to challenging market conditions.

The Semiconductor segment saw a notable 19% rise in component sales, reaching S$28.9m, driven by demand from a new customer. Despite this, sales of Semiconductor Integrated Systems fell by 8% due to earlier supply chain issues, which have now been resolved. Geographically, Malaysia was a standout performer with a 287% increase in sales, whilst the US market grew by 7%.

UMS’s financial health remains strong, with a free cashflow generation of S$1.1m and net cash increasing to S$81.4m by the end of March 2025. The company also declared a tax-exempt dividend of 1 cent per share for the quarter.

Looking ahead, UMS is optimistic about its growth prospects, particularly with the anticipated rise in global fab equipment spending. Chairman and CEO Andy Luong noted the company’s strategic positioning amidst global trade challenges, stating, “We remain optimistic of brighter prospects and will leverage our strong balance sheet and financial position to enhance our ability to navigate the ongoing global volatility and deliver long-term value to shareholders.” The company plans to continue expanding its product offerings and expects significant growth in its Semiconductor and Aerospace segments in the coming quarters.
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StarHub has announced its financial results for the first quarter of 2025, revealing a net profit after tax of $31.8m and service revenue of $464m. The company’s performance was bolstered by a 10% year-on-year growth in its Regional Enterprise segment, primarily due to a more than 20% increase in Managed Services. Additionally, StarHub’s Broadband business saw a 5% rise as more customers opted for higher bandwidth plans to accommodate their digital needs.

The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at $100.2m. StarHub’s balance sheet remains robust, with a free cash flow of $32m and a net debt to EBITDA ratio of 1.26x as of 31 March 2025.

Celebrating its 25th anniversary, StarHub is committed to delivering long-term value to shareholders, customers, and the community. The company is focused on enhancing its consumer market presence, expanding its Enterprise business, and improving operational efficiency through its Modern Digital Infrastructure platform. StarHub is also exploring acquisitions to support strategic growth.

The company remains on track to complete its major transformation investments by mid-2025, aiming to strengthen its competitive positioning in the market.
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SIA Engineering Group has announced a significant 44% increase in its net profit for the financial year ending 31 March 2025, reaching $139.6m. This growth was primarily supported by a 13.8% rise in revenue to $1,245.1m, attributed to stable demand for aircraft maintenance, repair, and overhaul (MRO) services. The group’s operating profit also saw a substantial improvement, climbing from $2.3m in the previous year to $14.6m.

The company’s associated and joint venture entities contributed to this positive performance, with a 17.4% increase in share of profits, totalling $118.6m. Notably, profits from the engine and component segment rose by 15.8% to $113.1m, whilst the airframe and line maintenance segment experienced a 66.7% increase to $5.5m.

SIA Engineering’s financial position remains robust, with total assets standing at $2,141.4m as of 31 March 2025. The company has proposed a final dividend of 7 pence per share, subject to shareholder approval at the upcoming Annual General Meeting on 22 July 2025. This brings the total dividend payout for the year to 9 pence per share, up from 8 pence in the previous year.

Looking ahead, SIA Engineering is focused on expanding its geographical presence, particularly in the Asia-Pacific region, and enhancing its MRO capabilities for new-generation aircraft. The company is also investing in digital solutions to improve operational efficiency and maintain its competitive edge in the industry.
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Singapore-listed Manulife US Real Estate Investment Trust (MUST) has announced the sale of its Peachtree property, a 28-storey Class A office building in Atlanta, Georgia, for approximately $133.8m. The transaction, subject to lender approval, is part of MUST’s strategy to repay 58% of its outstanding loans due in 2026.

The Peachtree building, with a net lettable area of 560,629 square feet, is currently 77% occupied. The sale price was determined on a willing-buyer willing-seller basis, taking into account an independent valuation by Cushman & Wakefield, which valued the property at $133.4m as of 28 April 2025.

The proceeds from the sale will enable MUST to significantly reduce its debt, following previous divestments of Capitol and Plaza properties. The manager of MUST aims to use the net sales proceeds to make an early partial repayment of loans, reducing the debt due in 2026 by approximately 78%, with $45.1m remaining.

The sale agreement includes a $7.5m deposit from the buyer, SSC VII Investor, LLC, and customary provisions such as representations, warranties, and indemnities. The transaction is expected to complete in Q2 2025, pending necessary approvals.

The divestment aligns with MUST’s focus on risk management amidst challenging US market conditions, providing liquidity and flexibility to meet debt obligations. The manager continues to explore further property sales to enhance financial stability and flexibility.
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A team of 14 specialists from the National University Heart Centre, Singapore (NUHCS) and the National University Hospital (NUH) recently completed their third Heart to Heart Mission in Suva, Fiji. Over six days, the team performed 14 complex surgeries at the Sri Sathya Sai Sanjeevani Children’s Heart Hospital Fiji (SSSSCHF), including the country’s first open mitral valvotomy for rheumatic heart disease. This initiative is part of a broader effort to provide essential healthcare to underprivileged communities and support local health systems through skill transfer and training.

Each year, more than 2,700 children in Fiji and the Pacific islands are born with congenital heart disease, a condition that can be fatal without timely intervention. With no local paediatric cardiac services, families often face the prohibitive cost of seeking treatment abroad. The Heart to Heart Mission aims to bridge this gap by offering life-saving surgeries and fostering professional growth and innovation between institutions.

On 9 May 2025, NUH and SSSSCHF signed a Memorandum of Understanding (MOU) to support annual paediatric cardiac surgical missions. This partnership will not only continue to provide critical surgeries but also facilitate shared learning and professional development. “Such missions enable us to share our expertise with local doctors and nurses,” said Associate Professor Laszlo Kiraly, who leads the mission.

The collaboration will also see medical staff from SSSSCHF visiting Singapore for training, enhancing their skills and knowledge. Professor Aymeric Lim, CEO of NUH, highlighted the partnership’s role in improving health outcomes for underprivileged communities and building regional health security.
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Lululemon is expanding its footprint in Singapore with the opening of four new stores, including a travel-friendly location at Changi Airport Terminal 1, which opened this week. This expansion also marks the brand’s first store in the west at Jem, a relocation within Marina Bay Sands, and a new integrated studio concept at Ngee Ann City set to launch in July. These developments reflect Lululemon’s commitment to supporting active lifestyles through movement, mindfulness, and community.

The new Changi Airport Terminal 1 store is designed to blend the energy of global travel with personal well-being. The store features a sophisticated pattern of lighted tech fabric dots and sustainable materials, embodying Lululemon’s dedication to environmental responsibility. Guests can enjoy exclusive offers, including a Reset and Unwind Kit with a $350 (local currency) spend and a sticker pack for tagging the store on social media.

On 22 May, Lululemon will open its first west-side store at Jem, spanning 3,143 square feet. The store’s design draws inspiration from Singapore’s natural beauty, featuring warm wood and soft stone elements. To celebrate, Lululemon will host community runs every Sunday in May.

The Marina Bay Sands store will relocate within the mall on 7 June, continuing to offer Lululemon’s full product range. In July, the brand will introduce its first Southeast Asia store with an integrated studio concept at Ngee Ann City, in partnership with Within co-founder Betty, focusing on mental well-being.

These new locations invite Singaporeans to explore Lululemon’s world of movement, wellness, and community.
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Singapore Airlines Group has taken significant strides in its decarbonisation efforts by signing agreements with Neste and World Energy to acquire Sustainable Aviation Fuel (SAF) and SAF certificates. These agreements, completed in the first quarter of 2025, are expected to reduce over 9,500 tonnes of carbon dioxide emissions, marking a crucial step in the airline’s sustainability journey.

The Group’s first transaction involved acquiring 1,000 tonnes of Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)-eligible neat SAF from Neste, produced at the company’s Singapore refinery. This purchase supports the development of Singapore’s SAF ecosystem and strengthens supply chain resilience. Additionally, Singapore Airlines acquired approximately 2,000 tonnes of CORSIA-eligible SAF from World Energy, a US-based producer, using the Book & Claim Chain of Custody model. This innovative approach allows the Group to claim emissions reductions without the need for physical fuel delivery.

Chief Sustainability Officer Lee Wen Fen highlighted the importance of these agreements, stating, “These agreements represent important steps in the SIA Group’s broader strategy to scale up its use of sustainable aviation fuel.” The airline aims to use 5% SAF by 2030 and achieve net zero carbon emissions by 2050.

The Singapore Airlines Group’s strategy includes expanding SAF supply through partnerships, advocating for supportive policies, and raising awareness within the aviation sector. By collaborating with industry partners, the Group is committed to a sustainable and carbon-neutral aviation future.
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Porsche Asia Pacific has unveiled the track layout for the highly-anticipated Porsche Experience Centre (PEC) Singapore, marking its debut on the roof of Brock Gilchrist’s Porsche 911 GT3 Cup car during the 2025 Porsche Carrera Cup Asia (PCCA). This announcement coincides with Porsche’s sponsorship of Gilchrist, a rising New Zealand racing talent, as part of their commitment to nurturing motorsport talent across the Asia Pacific region.

The PEC Singapore track, designed by renowned racetrack designer Hermann Tilke, promises thrilling features such as a high-speed straight and sharp, banked corners. This centre, the first of its kind in the region, aims to elevate the driving experience for Porsche enthusiasts. Yannick Ott, Director Marketing Porsche Asia Pacific, expressed excitement about the centre, stating, “The upcoming Porsche Experience Centre Singapore, built right at the gateway of Asia, will provide many more with the opportunity to fulfil their dream of driving a Porsche in its natural habitat.”

Gilchrist, driving the #10 Porsche 911 GT3 Cup car prepared by Earl Bamber Motorsport, is part of the PCCA Talent Pool, a programme aimed at recognising and developing promising drivers. His journey mirrors that of fellow New Zealander Earl Bamber, who rose through the PCCA ranks to become a Porsche works driver and a two-time 24 Hours of Le Mans winner.

The 2025 PCCA season, which began at the Shanghai International Circuit, will continue across celebrated tracks in Asia, including the Fuji Speedway and the Marina Bay Street Circuit during the Formula 1 Singapore Grand Prix weekend. The PEC Singapore is scheduled to open in 2027, promising to be a hub for Porsche fans and customers in the region.
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Sembcorp Industries and Aster Chemicals and Energy have announced a significant partnership to advance energy and utilities projects in Southeast Asia, with contracts exceeding S$65m. The collaboration will see Sembcorp providing a comprehensive range of gas, power, and utilities solutions to Aster’s integrated refining and chemical complex located in Pulau Bukom and Jurong Island.

The two companies have also signed a Memorandum of Understanding (MOU) to explore strategic initiatives across Singapore, Indonesia, and the wider Southeast Asian region. This MOU, valid for six months, aims to foster collaboration on cogeneration and utilities projects, regional gas procurement, joint infrastructure investments, and the establishment of industrial parks in Indonesia. These efforts align with their shared vision for sustainable growth and addressing the region’s rising energy demands.

Erwin Ciputra, Group CEO of Aster, highlighted the partnership’s potential, stating, “Our partnership with Singapore’s leading energy provider brings together the strength of two companies to shape the future of energy and environmental stewardship for our region.” Koh Chiap Khiong, President & CEO of Gas and Related Services at Sembcorp, added, “This collaboration reinforces our commitment to support the growth of critical assets in the region.”

Whilst the agreements are substantial, they are not expected to materially impact Sembcorp’s earnings per share or net tangible assets per share for the financial year ending 31 December 2025. The partnership marks a significant step towards sustainable energy solutions in Southeast Asia.
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About 74% of Singaporean travellers use comparison sites, yet many marketers continue to prioritise paid ads. This underscores a critical misalignment between marketing strategies and consumer behaviour, according to a recent report by Impact.com, a leading partnership management platform.

Online Travel Agents (OTAs) are the top booking channel for Singaporeans, with 76% using them, followed by brand websites and mobile apps.

Impact.com’s “Beyond the Booking: Where APAC Travel Brands Are Investing for Growth,” highlights a shift in consumer trust towards word-of-mouth over traditional advertising. The report, based on insights from 100 travel industry leaders and 1,200 travellers from Singapore, Australia, and China, reveals that 40% of Singaporean travellers trust peer recommendations more than advertisements when choosing travel destinations.

Adam Furness, Managing Director APJ at impact.com, stated, “The modern consumer demands trust, transparency, and authenticity, and they turn to their communities and trusted sources of information to guide their purchasing decisions.”

Key findings indicate that promotions are the primary driver for bookings among Singaporeans, with 77% citing them as influential, compared to brand reputation for Australians and Chinese travellers. The report also highlights the growing importance of partnerships, with 68% of Singaporean travellers trusting review and comparison sites.

As travel brands navigate post-pandemic challenges, the report suggests a strategic shift towards high-trust channels like influencers and affiliates. This approach aims to align marketing investments with consumer preferences, fostering authentic connections and driving sustainable growth in the travel sector.
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